Asia

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Asian stocks gained on Friday as President Donald Trump's plans to gradually re-open the U.S. economy outweighed concerns over data that showed China suffered its worst economic contraction on record due to the coronavirus outbreak.

Few Asian banks will be able to make loans this year using new rates designed to replace Libor benchmarks, key software vendors say, leaving them facing a scramble ahead of Libor's demise as the coronavirus pandemic further complicates transition plans.

Asia's economic growth this year will grind to a halt for the first time in 60 years, as the coronavirus crisis takes an "unprecedented" toll on the region's service sector and major export destinations, the International Monetary Fund said on Thursday.

Emerging and developing economies are likely to contract about 1% this year as the coronavirus pandemic disrupts economic activity across the world, the International Monetary Fund said on Tuesday, with Asia ticking up to slightly offset the sharp declines expected in emerging Europe and Latin America.

Shares were mostly lower Monday in Asia while crude prices gained more than US$1 per barrel after OPEC and other oil producing nations agreed to cut output to reflect the collapse of demand due to the pandemic.

Russia's Sokol crude, which yields more middle distillates like jet fuel and gasoil from refining, has slumped to a record spot discount in the Asia market, two trade sources said on Monday, as fuel demand takes a hit from the coronavirus pandemic.